Torchlight Energy Resources Inc (NASDAQ:TRCH) Sees Large Decline in Short Interest

Torchlight Energy Resources Inc (NASDAQ:TRCH) was the target of a significant decrease in short interest in July. As of July 31st, there was short interest totalling 3,868,900 shares, a decrease of 15.4% from the June 30th total of 4,570,700 shares. Based on an average trading volume of 271,300 shares, the short-interest ratio is presently 14.3 days. Currently, 8.2% of the shares of the company are short sold.

Shares of TRCH stock remained flat at $$1.36 on Thursday. 92,406 shares of the company traded hands, compared to its average volume of 338,320. The company has a debt-to-equity ratio of 1.10, a current ratio of 0.69 and a quick ratio of 0.69. The firm has a fifty day moving average price of $1.45. Torchlight Energy Resources has a fifty-two week low of $0.53 and a fifty-two week high of $1.98.

A number of institutional investors have recently made changes to their positions in the business. Morgan Stanley grew its holdings in Torchlight Energy Resources by 45.6% during the 2nd quarter. Morgan Stanley now owns 164,823 shares of the oil and gas company’s stock valued at $234,000 after buying an additional 51,636 shares in the last quarter. Vanguard Group Inc. grew its holdings in Torchlight Energy Resources by 29.4% during the 2nd quarter. Vanguard Group Inc. now owns 1,942,710 shares of the oil and gas company’s stock valued at $2,759,000 after buying an additional 441,633 shares in the last quarter. BlackRock Inc. grew its holdings in Torchlight Energy Resources by 154.8% during the 2nd quarter. BlackRock Inc. now owns 977,130 shares of the oil and gas company’s stock valued at $1,388,000 after buying an additional 593,701 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC grew its holdings in Torchlight Energy Resources by 13.1% during the 2nd quarter. Prime Capital Investment Advisors LLC now owns 101,760 shares of the oil and gas company’s stock valued at $144,000 after buying an additional 11,760 shares in the last quarter. Hedge funds and other institutional investors own 7.69% of the company’s stock.

Several research firms recently commented on TRCH. ValuEngine downgraded shares of Torchlight Energy Resources from a “hold” rating to a “sell” rating in a research note on Tuesday, August 6th. Zacks Investment Research upgraded shares of Torchlight Energy Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, June 5th.

Torchlight Energy Resources Company Profile

Torchlight Energy Resources, Inc, through its subsidiaries, engages in the acquisition, exploration, exploitation, and/or development of oil and natural gas properties in the United States. As of December 31, 2018, it had interests in four oil and gas projects, including the Orogrande project in Hudspeth County, Texas; Hazel project in Sterling, Tom Green, and Irion Counties, Texas; Winkler project in Winkler County, Texas; and Hunton wells in partnership with Husky Ventures in central Oklahoma.

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